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Christopher J. Dwyer

The Five Things Driving the Future of Work (Right Now)

If you take a step back and say the words aloud (like I do dozens of times a day), it seems quite weird: the “Future of Work” is about the future, but it also revolves around the present, right? So, when we discuss the Future of Work, we’re essentially discussing the continuous optimization of work through current progressions and how it will evolve over the coming months and years.

And the most interesting idea around the Future of Work movement is that there are so many attributes of work, talent, technology, and business leadership that serve as real-time accelerants and harbingers of things to come.

Here are the five things the Future of Work Exchange believes are driving this moment today (and will drive tomorrow):

  1. The “human” elements of work and talent. From pandemic-driven anxiety and the desire for more purposeful work, today’s business professionals crave more than just a paycheck. These workers truly require an emotional connect with their work in such a way that it solves both the work-life integration problem and allows them some semblance of flexibility in both their personal and professional lives.
  2. Direct sourcing’s continued impact on talent engagement and talent acquisition. Many large-scale enterprises have begun “reactive layoffs” in anticipation for a possible recession. However, as many news outlets would note, there are more job openings right now than there are job seekers. This weird labor market translates into the need for businesses to harness the power of talent pools, talent communities, and talent clouds to essentially overcome the rigidity of engaging and acquiring talent through traditional means.
  3. The transformation of business leadership. This item has long been a foundational element of the Future of Work movement; however, the way leaders lead has been continually evolving since Day One of the pandemic. There is, of course, the notion of conscious leadership and being in-tune with the workforce. And, on top of that, especially today, business leaders must fuse empathy and flexibility into their strategies. They must contend with the remote vs. in-office conundrum, the specter of a recession, and applying the best talent retention strategies to their talent. Transformation, in this case, isn’t a one-shot alteration.
  4. Artificial intelligence drives decision-making. AI can be considered “vaporware” to some executive leaders, however, many of the prominent solutions in the workforce technology industry provide real-deal AI to help procurement, HR, and talent acquisition leaders understand the best-fit talent for a role, how their workforce will look given current economic trajectories, and support DE&I initiatives, as well as fuel enhanced candidate screening and candidate assessment.
  5. The strategic application of new and innovative work models. Worker-led work structures. Digital collaboration augmented by infrequent in-person meetings. AI-fueled process management. Consumerized capabilities across core enterprise functions. An enhanced hiring manager experience. Developing a path to total talent acquisition (and then, perhaps, total workforce management?). The reimagination of worker productivity. These are all innovative ways of rethinking the boundaries of how work gets done, and, true extensions of the Future of Work movement.
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The Future of Work Exchange Podcast, Episode 702: A Conversation with Paul Vincent, Global Head of Services Procurement at Randstad Sourceright

An all-new episode of the Future of Work Exchange Podcast, sponsored by Beeline, features a conversation with Paul Vincent, Global Head of Services Procurement at Randstad Sourceright. Paul and I discuss the future of services procurement, why this arena needs to be a part of the Future of Work discussion, and the takeaways from the new Reimagining Services Procurement research study.

Tune into Episode 702 of The Future of Work Exchange Podcast below, or subscribe on Apple Music, Spotify, Stitcher, or iHeartRadio.

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The Business World of 2019 is Extinct

I’m sure many of the Future of Work Exchange’s readers remember the fantastic television series LOST. Sure, it floundered for a bit during the middle seasons, but in the long run, it was one of the most memorable TV shows of the past 20 years.

In the infamous Season Three finale, the directors of the show tossed in a “rattlesnake in the mailbox” twist ending: the famous flashbacks that were routine during every episode were, in fact, during this season finale, flashforwards to moments several members of the cast were off the island and back home. Remember when Jack met Kate in a dark parking lot and screamed, “We have to go back!”?

Well, that’s what it sounds like every time a business leader, writer, pundit, etc. insists that pandemic-era organizational attributes are either going to fade or lose their steam in the months ahead. There was the “very bad take” on remote work from Malcolm Gladwell last week. CNN recently featured a piece from SHRM CEO Johnny C. Taylor, Jr. that featured a take on why remote work will dissipate:

Though seen as a necessity during the pandemic, some business leaders doubt the current level of remote work is sustainable. And they’re right. A fully virtual workplace misses some of the key drivers for performance, productivity and growth, which are top of mind right now for businesses facing the prospect of a potential recession. Understandably, they want workers back in the office because they’re preparing for an ultra-competitive environment, which calls for maximizing efficiency. Fully remote work doesn’t cultivate the level of interpersonal relationships that business leaders see as vital to workplace synergy, collaboration and innovation. It can’t replicate the rich, robust, direct two-way, in-person communication that is critical to complex and creative work.

When companies are responding to market shifts and economic stresses, new ideas, problem solving and brainstorming all become essential. And brainstorming sessions are much easier to conduct in person, where workers can hash out their ideas on collaboration boards in conference rooms or shared workspaces. Remote workers, meanwhile, are more prone to distractions at home that can inhibit their concentration and participation.

Taylor, like many others, speaks from a pro-business perspective. And…that’s okay. It really is. This is a discerning time for the corporate world: still in the throes of a pandemic, inflation still rampant, and the specter of recession lingering overhead. Some businesses have already ignited layoffs in fear of the recession’s impact. Others have tightened budgets and have begun forecasting what their revenue, finances, and expenses will look like in the months to come if a recession truly hits. So, it’s no wonder that many executives point to the coming months as some sort of gateway to the past, particularly those fond days before a once-in-a-lifetime pandemic brought unrivaled havoc to the world at large.

It’s become a common refrain for professionals to say the phrase “getting back to normal” when it comes to the way businesses operate. However, as we’ve learned time and time again, we’re not going back. Never. While many executive leaders have realized that the transformative shifts we’ve experienced are permanent, there are unfortunately many others who have not. One aspect that Taylor, Jr. evokes in his piece for CNN revolves around the concept of flexibility: “The flexibility we embraced during the pandemic should go both ways. Workers will need to bend a bit, especially when the viability of the workplace is in jeopardy.”

The viability of the workplace is not in jeopardy. The workforce itself is in jeopardy. We can all agree that The Great Resignation wasn’t going to last forever, however the millions of quits happening so frequently (even if they slow during these late summer weeks) prove that workers will never go back to a business arena that lacked remote work, better working conditions, and access to the flexibility that has allowed them to balance their work-life integration in such a way that both their personal and professional lives are purposeful.

The great war for talent will still rage on no matter the economic conditions of our business world. In 2019, remote work was a piece of corporate life. In 2022, it’s a permanent and foundational fixture. When we hear someone say “we have to go back!” in regards to dining at restaurants or attending concerts, yes, by all means, it would be great to get to that point as COVID becomes endemic. However, when we hear that same phrase in regards to business life, it’s an unfortunate desire to go back to a world that no longer exists (for many good reasons).

No, we don’t have to go back. We need to keep progressing forward. It’s the Future of Work, after all.

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Malcolm Gladwell and the Very Bad Remote Work Take

Quick question for you: if you’re working on something critical for organization from your home office, do you think it matters if you’re wearing pajamas or loungewear rather than traditional office attire?

Well, of course not. But Malcolm Gladwell does. Here’s some of his commentary on the Diary of a CEO podcast (and as transcribed by The New York Post):

“It’s not in your best interest to work at home,” he said. “I know it’s a hassle to come into the office, but if you’re just sitting in your pajamas in your bedroom, is that the work life you want to live?”

“Don’t you want to feel part of something?” I’m really getting very frustrated with the inability of people in positions of leadership to explain this effectively to their employees.”

“If we don’t feel like we’re part of something important, what’s the point?” he said. “If it’s just a paycheck, then it’s like what have you reduced your life to?”

Let’s get this out of the way first: Gladwell has been a huge success in the world of innovative business thinking. He’s a trendsetter, a unique thinker, and a talented writer. To be very clear, he also has multiple known and proven conflicts that show his many of opinions may be less genuine than his writing suggests.

When it comes to the viability of remote work, he’s also a hypocrite who has spent 10,000 hours working from home (from a 2005 feature at The Guardian):

By leaving his desk behind, Malcolm says that he’s been able to disassociate writing from work. “It seems like a fun activity now. Kind of casual. It’s been more seamlessly integrated into my life and that’s made it much more pleasurable. I never want to be at a desk again.”

And, also from that feature:

Malcolm says: “I hate desks. Desks are now banished.” He starts the day writing at home, but this is always done from his sofa, using his laptop. “I work better when I’m comfortable,” he says. After a stint on the sofa, it’s out into the world.

I’ve been an admirer of most of Malcolm Gladwell’s work over the past 20 years. He has long been considered a visionary, someone who can look beyond the limitations of business thinking and provide value and innovation to leaders who want their organizations to thrive.

Last week’s take on remote work, to be brutally honest, is Gladwell being a contrarian (or propagandist – see below). By saying “It’s not in your best interest to work from home,” he is literally telling his millions of followers that a critical attribute of their work-life integration over the past two-and-a-half years is not the ideal way to work and operate. And, on top of that, as the workforce continues to traverse even more into the realm of humanity, Gladwell is opposed to talented professionals working in an environment that has proven to improve productivity, enhance talent retention, and increase company revenue. (Note: he says he works better when he’s comfortable,, but just re-read his recent quotes from last week at the top of this article.)

Gladwell says that he believes that not working in an office means we’re not “part of something important.” How can anyone, let alone someone that was once a business visionary, publicly state that working from a home office, no matter the rigor or the hours or the effort or the productivity or the late nights or the weekends spent on a laptop, means there’s nothing important that they’re linked to?

The stubborn frame of mind spouted by Gladwell is the literal antithesis of the Future of Work movement. The Future of Work is based on agility, humanity, flexibility, and purpose. Remote work (and hybrid workspaces) promote every one of those aspects.

Gladwell links home office attire (particularly pajamas) to “work life.” How many of you reading this right now have put together tremendously successful projects while in leggings or sweatpants? How many of you have developed innovative solutions, services, or products late at night while wearing a hoodie and shorts? Is there a cat on your lap when you take a video call?

I wrote most of the recent VMS Technology Advisor, a highly-complex project with thousands of data points and insights, in Under Armor shorts and various mono-colored t-shirts from the Gap. Many of the articles on this site were written in that type of attire. I’ve delivered many presentations on video and no one would know that, while I seemed to be wearing a dress shirt, there were athletic shorts below the camera. Even over video conferences, we can see each other’s faces and feel emotion. We can smile and laugh along with jokes together even if we’re hundreds of miles away from each other.

And, finally, regarding the notion of “being part of something”: I and so many others are already part of something. I’m part of a team of individuals whose talent is outstanding (hi, Ardent Partners family!). I’m part of an industry with so many individuals that I can call friends…most of which I haven’t seen in years in-person yet the distance doesn’t affect our fondness and connections. I am a part of a family with an amazing wife and two kids under 10 years old, who I have the ability to walk to the bus stop, cook dinner, help with homework, and read books.

Honestly, it is no surprise that Gladwell, the well-known author (and lesser known tobacco industry propagandist and longtime cigarette apologist) is pandering to the anti-remote work community. One question worth asking is whether or not he is being compensated (by, say, pension funds and other investors in corporate real estate?) for his contrarian’s take on a core Future of Work attribute? (After all, no less than Adweek once asked, “Was Malcolm Gladwell in the Pocket of Big Tobacco?“) It is absurd to think that Gladwell is being genuine here. He’s been wrong on tobacco, and now, he’s wrong on remote work.

Either way, he is criticizing an accelerant that has literally transformed the way we work, connect, collaborate, etc. And, clearly, the analysis behind his take does not account for the millions of workers across the globe that have experienced a newfound sense of flexibility within their lives that they have never felt before, allowing them to spend more time with family and friends, attend important events that they would have otherwise missed because of awful commutes, and, of course, the malleable schedules that have enabled them to optimize they way they work and live.

It’s in their best interests to work from home, after all.

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Defining the VMS Technology Market: New Future of Work Exchange Research Study Now Available

Ardent Partners and the Future of Work Exchange have long been preeminent sources of analysis of the extended workforce industry and its associated technologies and solutions. With the introduction of our Technology Advisor (and Solution Advisor) series several years ago, the analyst team has been able to assist thousands of business leaders with the necessary information, insights, and intelligence as they traverse the complex solutions landscape within procurement and spend management, procure-to-pay, contingent and extended workforce management, direct sourcing, and digital staffing.

Today, we announce the publication of the much-anticipated VMS Technology Advisor, a report that assesses and evaluates 11 of the major Vendor Management System platforms that are currently helping organizations around the globe automate key extended workforce management processes, provide access to talent intelligence, and reinforce contingent workforce spend management.

The new report, which is available here, evaluates Beeline, Coupa Contingent Workforce, ELEVATE, Eqip, Pixid, Prosperix, PRO Unlimited, SAP Fieldglass, Utmost, VectorVMS, and VNDLY (a Workday Company).

The 2022 VMS Technology Advisor deep-dives into each provider’s strengths within requisition management, services procurement, SOW management, analytics and intelligence, direct sourcing, Future of Work readiness, total talent acquisition, total workforce management, global capabilities, and other key attributes inherent in today’s leading VMS platforms.

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The Future of Work Exchange Podcast, Episode 701 (SEASON PREMIERE): A Conversation with Jen Torney (Talent Solutions TAPFIN) and Brian Hoffmeyer (Beeline)

The Season Seven premiere of the Future of Work Exchange Podcast, sponsored by Beeline, features an in-depth, Future of Work-oriented discussion with Jen Torney, VP of Client Engagement at Talent Solutions TAPFIN, and Brian Hoffmeyer, SVP of Market Strategies at Beeline. Jen, Brian, and I chat about the evolution of the extended workforce, the impact of direct sourcing, the realm of conscious leadership, and what 2023 may hold for the world of talent and work.

Tune into Episode 701 of The Future of Work Exchange Podcast below, or subscribe on Apple Music, Spotify, Stitcher, or iHeartRadio.

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The Rules of Wellness Have Changed

The Future of Work movement thrives on many accelerants that range from advancements in talent acquisition to innovative tools and technology. However, the realm of humanity, wellness, and culture may be the most critical items in how work continues to evolve.

“Wellness” is often thrown around as a word that reflects healthy corporate “behavior” from the perspective(s) of the workforce (including extended talent), owed to a rise in business leadership’s greater understanding of empathy, inclusivity, and other aspects related to a better workplace. As the story goes, happier employees = more productive (and, hopefully, loyal) workers.

Although the Future of Work Exchange typically discusses how rigidity is the “anti-Future of Work” mindset, something as archaic as a desire for a business’ staff to be productive is absolutely one of those measures that is not bound by time or circumstance. That is, it’s always understandable that an executive remains focused on productivity; without this focus, the enterprise fails.

So why do we need to revisit wellness? Didn’t we just talk about this recently? Well, yes, we did. But that was nearly eight months ago, and, in a pandemic-led, economically-volatile, frenetic labor market-fueled world (both business and personal), the stakes have certainly changed.

A second straight quarter of the U.S. economic shrinking technically means that we’re entering a recession…even though it doesn’t necessarily feel like it. However, many organizations are already taking the steps to prepare for the worst, which means cut to the workforce and the linger specter of layoffs through the remainder of 2022.

And, oh yeah, there’s a still pandemic raging, along with a health emergency for monkeypox. Many, many individuals (as much as 2% or 3% of the total workforce, although that number could be lower or higher) could be suffering from “Long COVID” from past coronavirus infections, with the government still not defining how long-haulers can apply for and receive disability options.

These issues not only mean that wellness in the workplace becomes more important; it also translate into the need to reimagine how business leadership addresses and supports wellness in the wake of an evolving world:

  • Today’s “new” wellness rules should always, always include engagement and experience in the mix. Wellness is more than an employee or worker being physically healthy and appearing to be mentally fit for their role. Leaders must ensure that they expand how they support both physical and mental wellness during whichever turbulent times may lie ahead; whatever worked even during the worst of the pandemic may already be outdated. In nearly three years of consistent business evolution, the very concept of “wellness” has been transformed to include concepts like employee engagement and the talent experience. The total workforce should be engaged with leadership and their teams and coworkers, grounded in a positive workplace experience, and also feel appreciated, safe, and valued. The next generation of wellness strategies should always include engagement and experience as foundational elements.
  • Even the most stoic of performers may have something deeper happening in their personal lives; thus, there is no one-size-fits-all model that will “catch” those that require intermediation. Dips in productivity, a lack of communication, and poor collaboration are all markers of a worker suffering from something negative. These individuals are most often pointed to as the main recipients of wellness support; however, there are many workers that put on a happy face, remain incredibly productive, and seem to have it all together. These workers may not need support on the surface, however, there’s usually an undercurrent of burnout bubbling somewhere. Business leaders should arm themselves with the necessary attitude and knowledge in understanding what the warning signs are for employee burnout.
  • The hybrid workplace requires hybrid leadership…which now requires a more strategic mindset. During the spring and summer of 2020, many business leaders grappled with the complexities of managing a newly-remote workforce in the wake of social distancing, quarantining, etc. Video calls and new modes of leadership were straining, leaving these already-exhausted leaders confounded in how to capture the essence of collaboration without the benefit of in-person operations. Today, the issue has become more severe: onboarding workers can be a nightmare via remote methods, not to mention aspects of reskilling, upskilling, mentoring, etc. Business leaders cannot spend a few hours with a new worker and expect them to function productively while on auto-pilot.
  • Wellness was the answer all along to a problem that has plagued the business arena for nearly 16 months. Yes, we’re talking about The Great Resignation. Although the numbers dipped in May (4.3 million quits as opposed to 4.4 million the month before), an encouraging trend is emerging: fears of a recession, combined with inflation, may be helping to keep workers put. However, all it takes is a small wiggle upwards and we’re back to the much worse, higher trend. The refrain of “happier workers stay with their companies” could not be more true today. If a professional is engaged, satisfied, and having a positive experience while also working for leaders that are mindful, empathetic, and inclusive, it reflects an ideal recipe for wellness that also bodes well for retention. If workers have a flexible work-life integration, it is a powerful attribute that enables true wellness and wellbeing.
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The Future of Flexibility

“Flexibility” has become the de-facto, hot-button phrase to describe how the Future of Work should operate. However, if we dig deeper, the very notion of flexibility transcends the confines of remote and hybrid work.

Take a deep breath for a moment. Think about your current role before the pandemic. Now think about it in the throes of 2020 and 2021. Now think about your role today and how you’re working. Chances are there are some very stark differences between these three moments in time.

For one, the very modes of work have shifted tremendously over the past two-plus years. Those that worked remotely found the transition was easy: just stay the course. Those that already had a hybrid schedule understood how to change their mindsets while also transforming their leadership and collaborative styles. And for those in which remote work was a new concept, there were some growing pains.

As we sit more than halfway through 2022, there are more questions than answers in regard to the concepts of flexibility in the workforce, the workplace, and the work itself. While flexibility has become a core piece of our pandemic-era business lexicon, the truth is that there is so much more to the idea of flexibility than what we’ve experienced thus far:

  • Flexibility also translates into agile thinking regarding the makeup of our workforce. This doesn’t just mean that businesses should increase their utilization of non-employee talent (which, of course, has become a value-driver during these uncertain times), but rather dig deep into all available talent sources and develop a truly agile workforce. Talent marketplaces, digital staffing outlets, and direct sourcing strategies can all enhance the depth of current talent communities and ensure that businesses can be flexible when needed (market conditions, business issues, etc.).
  • Flexibility should cascade down into attributes such as purpose, work-life integration, etc. For far too long, being a “dedicated worker” meant a gold watch at the end of a very, very long tunnel. Now, in the wake of the biggest health crisis of our lifetime, talented professionals seek more from their jobs; the realm of “purpose” and “work-life integration” both translate into workers craving meaningful work that enables them with flexible hours, flexible projects, and a flexible model that allows for unplugged time, more task-oriented collaboration (rather than open-ended coordination), and the ability to reevaluate career paths more frequently.
  • Flexibility means reviewing workplace structures to provide a malleable foundation rather than a rigid “return-to-office” setup. If there’s anything we learned about the coronavirus behind COVID-19, it’s that it’s become an unpredictable harbinger of disease and disruption. Fall and winter surges fill hospitals over capacity, shutter public attractions, and force governments to reevaluate social safety and public health regulations. This all means that hardline, return-to-office planning should not only be canceled, but outright replaced by a flexible foundation that is based on science, the overall productivity of the organization, and what works best for the workforce. Too many business leaders believed that this far into the pandemic was the ideal time to bring workers back to physical locations, when they should have been experimenting with new models and assessing what was best for the business and the mental wellness of its talent.
  • Flexibility should apply to workforce technology and process automation, as well as data science and artificial intelligence. AI and data don’t need to be at the center of every single facet of the contemporary business, but it needs to be at the forefront of how businesses shape talent acquisition and address how work is done. Enterprises must understand the flexibility inherent in today’s crucial workforce and talent tools, like VMS, MSP, direct sourcing, and digital staffing, and tap into the modules that they may have ignored in months and years past. Requisition management and financial/administrative tools are table stakes, however, leveraging “deeper” functionality such as AI-led analytics, expansive candidate matching, candidate experience tools, talent community development, total talent intelligence, and digital recruitment are all incredible doorways into making workforce technology more flexible for an evolving business.
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Reimagining Services Procurement is Critical for the Future of Work

Services procurement represents an incredibly large piece of the global market. However, many organizations, even after so many years of managing this complex category of corporate spend, still fail to maximize the value and impact of services.

According to Ardent Partners and the Future of Work Exchange, 70% of business leaders believe that natural inertia is the number one reason for avoiding transformation of people-based services procurement. But businesses have the chance to unlock such greater value when they create scalable, repeatable, data-driven, outcomes-based programs.

The Exchange teamed up with Randstad Sourceright to develop and produce a new research study outlining why businesses must “reimagine” services procurement and SOW management in the evolving world of work. The new report unveils a robust, four-layer framework to help guide organizations, as well as detail how to push through the major challenges in strategizing and centralizing (and automating!) the core facets of services procurement.

Click here or on the image below to download the new study.

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What Would a Possible Recession Mean for the World of Talent and Work?

Inflation, a seemingly slowing economy, and an expected second straight federal 0.75%-point increase in its short-term rate (which would mark the first time this has happened in nearly 30 years) all point to one thing: a classic recession that would bring uncertainty, doubt, and fear to the greater business arena.

In an article by the Associated Press (linked here from Boston.com), the markers for a recession are clear yet many pundits aren’t fully embracing these as a surefire sign that a crisis is looming:

Treasury Secretary Janet Yellen on Sunday said the U.S. economy is slowing but pointed to healthy hiring as proof that it is not yet in recession.

Yellen spoke on NBC’s “Meet the Press” just before a slew of economic reports will be released this week that will shed light on an economy currently besieged by rampant inflation and threatened by higher interest rates. The data will cover sales of new homes, consumer confidence, incomes, spending, inflation, and overall output.

The highest-profile report will likely be Thursday, when the Commerce Department will release its first estimate of the economy’s output in the April-June quarter. Some economists forecast it may show a contraction for the second quarter in a row. The economy shrank 1.6% in the January-March quarter. Two straight negative readings are considered an informal definition of a recession, though in this case economists think that’s misleading.

Yellen argued that much of the economy remains healthy: Consumer spending is growing, Americans’ finances, on average, are solid, and the economy has added more than 400,000 jobs a month this year, a robust figure. The unemployment rate is 3.6%, near a half-century low.

The National Bureau of Economic Research defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months,” yet economic activity isn’t stalling as much as a traditional recession. On top of this, the 1) jobs added figure and 2) an historically-low unemployment rate point to something else entirely: a recession that doesn’t feel like a recession.

With interest rates sky high, home sales are falling and falling, a much different scenario than the past 18 or so months, in which the market was incredibly competitive. Fewer home sales typically mean fewer purchases related to homes, such as appliances, home decor, professional home services, etc. This could cause a ripple effect on the economy, however, with consumer spending so robust right now, it certainly clouds any future visions of recessionary activity. Axios’ Neil Irwin refers to the current economic state as “the great weirdness,” stating:

But in this topsy-turvy environment, the Fed wants to see consumer demand slow enough to temper inflation. The report shows solid demand, yet it might not be strong enough to tip the committee in favor of an ultra-big full-percentage point interest rate hike, particularly given another reading out this morning that we discuss below. The bottom line: There are plenty of risks ahead, but American consumers are chugging along for now, which could keep overall growth in positive territory.

Alright, so we (maybe) understand it now: the U.S. could head into a recession, but maybe not…and if it does, it won’t be a traditional recession. Okay, got it. What does it mean for talent? What about the extended workforce? What about “work” itself?

  • First things first, no matter what happens, the extended workforce will continue to grow…and it will grow considerably faster if we do head into a recession. The 2008-2009 financial crisis saw the biggest jump in utilization of contingent labor in history. The “pandemic era” saw another spike in utilization. The odds favor this workforce closing the gap to half of total enterprise talent within the next 18 months. A recession, even a “minor” one by the weird standards we’re currently facing, would see some enterprises executing layoffs (but not to the extent (40 million people) that we saw during the early pandemic-fueled recession of 2020), which in turn would lead to more independent talent on the market, and those same enterprises leveraging extended talent to remain competitive. All in all, growth is in the forecast for the extended workforce.
  • Businesses must focus on the depth of their talent and leverage the necessary tools to help their workers thrive. A highly-skilled workforce (both FTE and extended) will help the economy grow; an enhanced output of products, services, etc. often leads to differentiation in core competition, a very strong link to businesses succeeding regardless of current financial conditions across the market. If that talent is spread out amongst many businesses within a given industry, there’s little room for those organizations that don’t value their workforce and don’t prioritize the employee experience. Can process automation enable workers to thrive with additional power via technology? Should digital workspaces be implemented to improve remote and hybrid workplace scenarios? Can we get over the digital transformation hump to ensure that the workforce blends the best of human and machine? Too, leveraging tools to reskill and upskill the workforce can perform wonders when it comes to helping workers recession-proof their positions and contribute to the future success of the organization.
  • Talent acquisition over the next few months becomes a critical endeavor. This is the time for talent acquisition executives to shine. They’ve been dealing with a frenetic labor market with candidates that are seeking purpose, flexibility, and lifestyle improvements; these are not attributes that are easy to quench for any TA leader, even the most seasoned. For many businesses, talent acquisition must become more dynamic and more agile to deal with both the fallout from The Great Resignation and the anticipated ramifications of whichever recession-sparked issues arise over the next several months. Leveraging the company brand, its culture, and what it can offer beyond compensation are all crucial factors for talent acquisition teams to revolutionize hiring over these next several months.

Look for more on this topic in the coming weeks on the Future of Work Exchange.

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